On Monday, Fresh Del Monte Produce Inc. (NYSE: FDP) oscillated between $44.07 and $45.03 before concluding trading period higher +1.04% at $44.78. The stock recorded total trading quantity of 178,036 shares as compared to its average volume of 165,960 shares. The firm has a total market worth of $165.96k and $2.183B shares remain outstanding.
Fresh Del Monte Produce Inc. (FDP) recently stated financial results for the first quarter ended March 30, 2018. The Company stated earnings per diluted share of $0.85 for the first quarter 2018, contrast with earnings per diluted share of $0.90 in the first quarter of 2017. Comparable earnings per diluted share were $0.88 in the first quarter of 2018, contrast with comparable earnings per diluted share of $0.84 in the first quarter of 2017.
Net sales for the first quarter of 2018 were $1,106.1M, contrast with $1,032.4M in the first quarter of 2017. The raise in net sales was the result of higher net sales in the Company’s other fresh produce and banana business sections, partially offset by lower net sales in the Company’s prepared food business section.
Gross profit for the first quarter of 2018 was $106.5M, contrast with $99.1M in the first quarter of 2017. The raise in gross profit was primarily Because of higher gross profit in the Company’s banana business section, principally the result of higher selling prices in all of the Company’s regions, together with favorable exchange rates in Europe and Asia. The raise in gross profit was partially offset by higher fruit procurement and distribution costs.
Operating income for the first quarter of 2018 was $56.5M, contrast with operating income of $53.9M in the first quarter of 2017. Comparable operating income was $57.9M in the first quarter of 2018, contrast with comparable operating income of $51.2M in the first quarter of 2017. The raise was primarily Because of higher gross profit, partially offset by higher selling, general and administrative expenses, and lower gains on disposal of property, plant and equipment.
Net income attributable to Fresh Del Monte Produce Inc. for the first quarter of 2018 was $41.5M, contrast with net income attributable to Fresh Del Monte Produce Inc. of $46.4M in the first quarter of 2017. Comparable net income was $42.9M in the first quarter of 2018, contrast with comparable net income of $43.7M in the first quarter of 2017. The decrease was primarily Because of higher interest expense, net and foreign exchange losses, partially offset by higher operating income and lower provision for income taxes.
First Quarter 2018 Business Section Performance
(As stated in business section data)
Bananas
Net sales for the first quarter of 2018 raised to $453.2M, contrast with $445.1M in the first quarter of 2017. Volume was 8% lower than the previous year. Worldwide pricing raised $1.51, or 11%, to $15.68 per unit, contrast with $14.18 per unit in the first quarter of 2017. Gross profit for the first quarter of 2018 raised to $52.1M, contrast with $35.0M in the first quarter of 2017. Unit cost was 6% higher than the previous year period.
Other Fresh Produce
Net sales for the first quarter of 2018 raised to $573.9M, contrast with $506.2M in the first quarter of 2017. The raise in net sales was primarily Because of higher net sales in the Company’s fresh-cut, avocado, vegetable and pineapple product lines. Gross profit for the first quarter of 2018 reduced to $46.7M, contrast with gross profit of $48.4M in the first quarter of 2017.
FDP debt to equity ratio was 0.44 while current ratio was 2.50. The company has the institutional ownership of 66.80% while the Beta factor was 0.42. The stock’s RSI amounts to 44.65.
